November 21, 2017

Senate Tax Plan Harms Low- and Middle-Income Kentuckians to Pay for Giveaways to Those at the Top

ITEP Work in Action

Senators will return to Capitol Hill next week after the Thanksgiving recess for a potential vote on their revised plan. According to estimates from the Institute on Taxation and Economic Policy (ITEP), the bottom 60 percent of Kentuckians, who make an average of $37,500 a year, will actually face more taxes from the plan with an average increase of $80 in 2027. High earners, in contrast, would receive tax cuts — especially the wealthiest, with the richest 1 percent receiving an average cut of $4,760. The top 1 percent of Kentuckians based on income will take home 24 percent of the total tax cut in 2019.